Singapore cryptocurrency solution

Since 2003, Healy Consultants Group PLC has been providing our international Clients with a simple, practical low-cost solution for crypto business. One attractive option is to set up a Singapore limited liability company and opening an international crypto-friendly corporate bank account.

What is the Singapore cryptocurrency solution?

Healy Consultants Group PLC recommends our Clients to incorporate a Singapore offshore company and open an international crypto-friendly corporate bank account;

This solution is suitable for international Clients who are looking to conduct crypto-related business outside of Singapore;

Company incorporation steps

Our international Clients are not required to travel to Singapore to incorporate the company. Healy Consultants Group PLC will project-manage the whole registration procedure on our Client’s behalf. Please refer to this webpage for further details on the steps to setting up a company in Singapore.

Advantages of doing business with Singapore cryptocurrency solution

With Singapore’s reputation as Asia’s capital of fintech, it is easier to open an international bank account for your business;

Monetary Authority of Singapore introduced a sandbox environment to develop potential projects in the financial services sector. The sandbox environment provides the support and legal regulations which promises a safe haven for innovation;

Singapore is known for its large-scale support of crypto-related technologies and fintech innovation. The Payment Services Bill has laid the foundations for incorporating blockchain into the securities framework and payment systems. We expect this will fast track blockchain based businesses and investments in the future;

Problems of doing business with Singapore cryptocurrency solution

Despite Singapore government’s welcoming cryptocurrencies, it is extremely challenging to open a crypto-friendly corporate bank account with Singapore banks. As such, Healy Consultants Group PLC will recommend our Clients to secure bank account opening in other jurisdictions such as Liechtenstein, Cyprus, Gibraltar and Switzerland;

It is mandatory for all Singapore companies to appoint a Singapore resident director. Healy Consultants Group PLC can provide the same. See this webpage for more information.

Accounting and tax considerations

If your business does not have any operations in Singapore, you will be legally tax exempt;

Businesses that trade virtual currencies in the ordinary course of their business will be taxed on the profit derived from trading in the virtual currency;

Profits earned by businesses through mining or trading of virtual currencies in exchange for monies are also subject to tax;

There is no capital gain tax in Singapore. If your business earns capital gain through long-term investment of virtual currencies, these profits are not subject to tax;

See this webpage for more information on other accounting and tax considerations in Singapore;

Regulatory license considerations

In Singapore, you are required to be licensed and regulated under the Payment Services Bill if you are planning to conduct business dealing in digital payment tokens or any service of facilitating the exchange of digital payment tokens. You will be required to produce policies, controls and procedures to address its ML/TF risks;

Monetary Authority of Singapore announced its broadening of regulatory regime for payment providers to bring certain cryptocurrencies under its jurisdiction, with the new legislation due to come into force by the end of 2019.

Our service packages

Healy Consultants Group PLC will project-manage your securities brokerage business set up from the start to the end. See PDF below for a quotation including our standard package of services:

Contact us

Testimonial

“Pirster Pte is happy with the work that Healy Consultants undertook for the company. International incorporation can be fraught with opacity, anxiety and vulnerability - especially if it is being done remotely as we did. Healy Consultants worked really hard to make it transparent, straight forward and confidence-inspiring. I look forward to working with Healey Consultants again on future work and happily recommend them to others.”

Fiona Thompson, Managing Director Pirster Pte.

“We had taken Healy Consultants assistance in incorporating our entities in some of the complicated jurisdictions. Their approach right from the beginning has been very systematic, clear and efficient. It has been a pleasure to work with all of them.”

“Thank you Healy Consultants for swiftly project managing my engagement. From the moment I met you in Singapore Healy Consultants attended to my requirements and specific needs. I am more than satisfied with your service. Moreover, your weekly updates allowed me to continue to focus my attention on my global business while trusting you to deliver as promised.”

“Thank you Healy Consultants, you were instrumental in setting up of my Hong Kong based company, the whole process was completed in a professional and timely manner.”

Terry Skews, CEO Brittany Offshore Limited

“Healy Consultants, a professionally managed firm with clear understanding and knowledge about what client expects from them and delivers the same in a professional and timely manner. Kudos to their team.”

“Incorporating any company is comparable to setting the foundation blocks of your new company building, which you aim to build in the best location available. By choosing Healy Consultants you are laying the perfect foundations.”

“The one word that defines Healy Consultants is perfect professionalism. If you have Healy to set up your business abroad, you could focus on the operational overhead and let Healy take care of the rest. From Incorporation to Taxation, it’s a one stop solution. Rest assured, you will have the best people in the Industry working for you and providing you with the best possible information and suggestions.”

Raja Chakraborty, Director Streamlyn Pte. Ltd.

“Thank you Healy Consultants for successfully project managing our business set up in Kuwait, Lebanon, Qatar and Bahrain.”

“When it was time to establish a Space Academy in Singapore, TriVector needed a knowledgeable firm that could not only help us establish our infrastructure, but could also advise on the local and regional business climate. Healy was that firm, which is why we've been satisfied Healy Consultants for almost five years now.”

Timothy F Kauffman, CEO Trivector Services

“Finding the right partner was critical for VESL’s expansion in Asia and working with Healy Consultants has made this possible.”

“Healy Consultants were instrumental in the set up of our company. They have continued to provide exceptional support and advice over the years.”

Susan Gunnery, Managing Director Qudoss Group

“Healy Consultants is the best firm that we have ever worked with. Through our entire business relationship we were satisfied with provided level of quality and services. Healy Consultants have been responsive and detail oriented which has allowed us to stay focused on our business and not getting distracted with small details.”